The price of solana is rapidly approaching $200 for the first time since December 2021 and the token is now about 20% off it's all-time high.

Solana SOL -5.67% 's price is currently $196, according to The Block's Price Page. It's up 16% in the last 24 hours and has reached a market cap of $84.7 billion. The market cap has risen higher than the peak market cap seen in November 2021 and is setting new all-time highs. While solana has a lower price than at its previous peak, the supply has increased considerably, resulting in a higher market cap.

While the crypto markets have rallied hard over the last few months, many top cryptocurrencies have experienced a pullback over the last few days. For instance, bitcoin has dropped back from $73,000 to $69,000 and ether has fallen back below the $4,000 mark. However, solana's price has bucked this latest trend.

Solana's price has kept rallying. Image: The Block's Price Page.

Avalanche, another Layer 1 blockchain, has also seen a recent price rally. Its token has jumped to $60 and is now back to a price range last seen in May 2022. It's up from just $9 in October 2023.

As a result of mixed performance among Layer 1 blockchain tokens, they have remained flat overall. The GML1 Index, which tracks the performance of native tokens for Layer 1 blockchains, has stayed level for four days — showing the positive and negative price changes counteracting each other.

Tokens associated with Layer 2 networks have not performed as well. The GML2 Index has dropped sharply as the prices of Layer 2 tokens have fallen lower.